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Trend table status

Trend

SP-500

R2000

COMPX

Primary

Up 7/31/20

?- 3/31/20

Up 5/29/20

Intermediate

?+ 9/25/20

Up 8/21/20

?+ 9/18/20

Sub-Intermediate

?- 9/15/20

Dn 9/11/20

Dn 9/21/20

Short term

? 9/4/20

? 8/18/20

? 9/4/20


Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

Friday, January 11, 2013

Daily update 1/11

That was an exciting day, LOL.  Here is the daily SPX chart.


That looks like a hanging man doji candle.   We opened flat and never made it up to the Sept. high.  Lets look at the SPY daily chart tonight.


There is a combination of a hanging man yesterday and a doji bar today.  The doji bar is also a hanging man as well.  This combination has been named the Shanghai Duo (thanks for the reminder Herm).  This is not a real well known combination, but can be an important top or bottom pattern.  With an extremely overbought market it might mean it is time for a pullback.  A close below today's low should be confirmation a move down has started. 

We are at an important juncture here.  A retest of the Sept. high with very bullish sentiment could be a recipe for a bigger pullback then many expect.  This really looks and feels like an important top to me.  I guess we will see.  Maybe I am just crazy, LOL.


Chart practice has been updated with QQQ the stock for today.
http://traderbob58-chart-practice.blogspot.com/

Bob

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.